Initial estimates of October’s used-vehicle retail sales show a market where momentum has “faded,” according to Cox Automotive. In the company’s latest Manheim Used Vehicle Value Index report, Cox said same-store dealership data from Dealertrack indicates used retail sales were 9% softer than September and 13% slower than October 2021 figures. October also represented … [Read More]

Just nine days after its most recent acquisition, AutoCanada said Tuesday it has purchased two luxury collision centers in Scarborough, Ontario: Excellence Auto Collision Silver Star and Excellence Auto Collision Midwest. Excellence Auto been in the greater Toronto area for more than 30 years and has certifications with Tesla, Mercedes-Benz, Porsche, Audi, BMW, Mini, Lucid, VinFast […] [Read More]

CarNow announced a new senior vice president of sales on Friday. Hired for the role is Eric Kaser, who was VP of sales at Ungerboeck and DealerSocket before coming aboard at CarNow. His background also includes time with Reynolds and Reynolds. “I am excited to join CarNow where the culture is strong, the platform is […] [Read More]

Autumn continues to bring some pricing relief to the auction lanes, with at least two indices hitting their lowest levels in more than a year. After a 2.2% month-over-month and 10.6% year-over-year decline (when adjusting for mix, mileage and seasonality), the Manheim Used Vehicle Value Index was at its lowest level in 14 months. That’s […] [Read More]

While blue sky values evidently are becoming harder to assess, most dealers who participated in the 2022 Kerrigan Dealer Survey have strong optimism about the valuation of their dealerships heading into 2023. According to the survey findings released on Monday, 80% of respondents are expecting record valuations to remain steady or increase over the next […] [Read More]

With $5 billion in electric vehicle charging network funds (and more to come) available under the Bipartisan Infrastructure Law, states are lining up for their share of federal largesse. However, outside of the large coastal cities, retail registrations of EVs have yet to take hold, according to new analysis from S&P Global Mobility. The top-eight […] [Read More]

Ritchie Bros. Auctioneers has agreed to purchase IAA for $7.3 billion in stock and cash, the companies announced Monday. The price includes the assumption of $1.0 billion of net debt. The deal is expected to close in the first half of 2023. Ritchie Bros. is a global asset management and disposition company, providing avenues for […] [Read More]

AutoLeadStar, a digital customer data and experience platform, has landed a $40 million round of funding led by Riverwood Capital and with existing investors participating, as well. The company provides artificial intelligence-powered marketing automation technology to dealerships and OEMs. Nearly 1,000 dealerships in the U.S. and Canada use AutoLeadStar’s software. “The customer car purchasing experience […] [Read More]

Repairify said Wednesday it has launched and subsequently operated a two-sided sublet repair marketplace — Repair OnDemand — that is designed to connect sublet repair professionals with fleet owners, auctions, dealerships and independent repair facilities. There are more than 16,000 sublet auto repair professionals available through the platform, which has seen its network grow. “Our […] [Read More]

Chase Auto announced the 2022 winners of the Chase Cup for Auction Excellence on Thursday, spotlighting its auction partners with top performances in handling handled preparation, sales, invoice processing, transport requests, title processing and other tasks. The award for Best National Auction Performance went to Columbus Fair Auto Auction, while Manheim Fredericksburg earned honors in […] [Read More]